Hemming Company reported the following current-year purchases and sales for its only product. Activities Beginning inventory...

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Hemming Company reported the following current-year purchases and sales for its only product. Activities Beginning inventory Sales Purchase Units Acquired at Cost @ $11.60= @ $16.60 = Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Sales Purchase @ $21.60 = Sales Purchase @ $26.60 Totals Required: Hemming uses a perpetual inventory system. 240 units 370 units 440 units 140 units 1,190 units $ 2,784 6,142 9,504 3,724 $ 22,154 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method. Units Sold at Retail 180 units @ $41.60 330 units@ $41.60 415 units @ $41.60 925 units Hemming Company reported the following current-year purchases and sales for its only product. Activities Beginning inventory Sales Purchase Units Acquired at Cost @ $11.60= @ $16.60 = Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Sales Purchase @ $21.60 = Sales Purchase @ $26.60 Totals Required: Hemming uses a perpetual inventory system. 240 units 370 units 440 units 140 units 1,190 units $ 2,784 6,142 9,504 3,724 $ 22,154 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method. Units Sold at Retail 180 units @ $41.60 330 units@ $41.60 415 units @ $41.60 925 units

Answer rating: 100% (QA)

FIFO Beginning Inventory 240 units 1160 2784 January 10 Purchase 180 units 4160 7488 March 14 P... View the full answer